Inflation Surges to 57.5% in Zimbabwe: April 2024

April 30, 2024
Photographer Dan KitwoodGetty Images | Report Focus News
Photographer: Dan Kitwood/Getty Images

In April 2024, Zimbabwe experienced a sharp rise in annual inflation, reaching 57.5%. The month-on-month inflation rate, at 2.9%, decreased by 2% compared to March 2024, which recorded a rate of 4.9%. This surge in inflation indicates an average price increase of 2.9% between March 2024 and April 2024, as measured by the all items Consumer Price Index (CPI).

According to data from the Zimbabwe National Statistics Agency (ZIMSTAT), the month-on-month inflation rate for Food and Non-Alcoholic Beverages stood at 4.2% in April 2024, marking a significant decline from March 2024’s rate of 8.1%. Similarly, the month-on-month non-food inflation rate for April 2024 was 2.4%, showing a decrease of 0.6% compared to March 2024.

For April 2024, the Food Poverty Line (FPL) for an individual was ZiG424.95, while the Total Consumption Poverty Line (TCPL) stood at ZiG 650.26 for one person.

ZIMSTAT also reported a month-on-month USD inflation rate of 0.8% for April 2024, which increased by 0.6 percentage points from March 2024’s rate of 0.2%.

The year-on-year USD inflation rate for April 2024, based on the all-items Consumer Price Index (CPI), was 3.2%.

Furthermore, ZIMSTAT highlighted that for April 2024, the CPI for Housing, Water, Electricity, Gas, and Other Fuels had the highest contribution to the month-on-month change in index, standing at 0.4%.